FINANCE aND COMMERCE.

Dominion, Volume 1, Issue 174, 16 April 1908, Page 10

FINANCE aND COMMERCE.

■ : THE .SHARE MARKET. V ifwo .sales were, reported on the j Erclwi'"3yesterday. National Bank shares had quittance at. i£s ss. ,9d., at which :price'tuy j^yd' the:investor; I£s 135.. sd. .per. cent., •'■no and,: Co. Brewery; shares sold ■at ,M 15s. In other respects' tho' market displayed quietnets. For bank : .&lia'res buyers offered ,£S 12s. for Bank of New' Zealand 1 shares, while . sellers wanted £9 15s.'; National Eanlis, buyers £S 55.-.Gd., sellers ,£5 ; Gs. : (id. Financial shares were quieter than usual. .There 'were sellers of Equitable Building sat ,2s; Gd.. Welling-, ton' Trust and Loan at;'.£7 lOs. Cd;, Loan and Mercantile V at . 55., .rid./ ' National, buyers j 60s.y : sellers. ; G2s. There was: no change in gas shares."-Christchurch .Gas 'shares .were, on/ sale at ,£lO 2s. Gd., and Wellington Gas at 10s. Insurance were', as usual, ,ine-glected.r:New-'-Zealand insurance;shares' were on; the /market ; at < ,£3''l7s>-In: meat shares the; inquiry .was restricted to.Gears, the' paidup shares : being in demand at"JE9 155.,' with: sellers at JC10;. and : tho • <61, paid up, buyers' £2 9s. fid.', sellers "• 10s. 3d. . Manawatu Rails were ,m firm demand at. 4Gs. 6d. ! Wellington -.Woollens have improved their position, buyers now offering. JE3 25., Gd. for the ordinary, shares, , Westport Coal' shares were procurable at £7. and Leyland-OJBrien Timber at '435. Mountain Rimu! Timber,, buyers 225. ',9d.;, New, Zealand ;Drugs,; sellers 1 '£2 lis. 9d. / Taranaki-Petrbleum. buyers 75., sellers Si".'6d. j ')-V'--^;Vv'. ; . THE 'MINING MARKE'I\ '- : Talismans have • slumped, and .sales .were, madd yesterday at <£2 10s. 1 3d. Waihis had quittance at 75., bpt. the _buying .orders, have slackened.,,- Yesterday's quotations were as under:—. ; : v,,;. r' ' . •!Buyers. 'Sellers. Sales. " '' ' ' '..JB s. d. .£ k. d. JB s. d. iTalisman:'.". 10 0 211 0 '2 10 '3 Waihi ' ... "D 8 G '■ 9 7 0 Tairua Broken ; Hills .0 3 5- 0 .3 8 L■K.Z." Crown • • ■ .07 -1- - : .0-.7.;. 3 . Big River :...'- ... — ' ;'0 16 9 .Y' ( ' THE AMERICAN SITUATION. • ' The financial situation in'the "United States is' very gloomy.- There may not be another ; panic srich as was , experienced in October and November, but there is • certain to bo trade Blackness -and general, 'depression for many ; months, to come. One of the most important factors in the immediate futuro. of the American money .market is the" necessity : to meet, .securities of railway and industrial companies which are maturing or; about to mature. , An indebtedness of this kind, which must be paid either, in cash or by the ; issuing;of ..new securities,-, is, very large. During the present year alone bonds and ,notes to' the amount of ,".£63,200,000 , must be. paid.: The indebtedness ifor':l9o9 'is'considerably smaller, representing only i£35,GC0,000, but in: 1910, no less than >£88,600,000 must. be 'paid 'either in money .'or. by incurring further indebtedness.Tho'large amount, of railway ;equipment notes maturing, during -the present year is_ Van indication 'of : the scarcity /.of; -funds ■: which has.', prevailed during 'thei last : twoVyears'.- ,The :qliestion as. to :• whether .the .and'.industrial ,cor,porations'can meet all this : indebtedness without" difficulty- fs diio:ivliicli'is!" already'causing much study. It is needless to say that the business'situation wiir be a most important influence; In addition to tho sum which must 1» . paid or-'i renev;ed ..within ;, the,. next three, years, it; is,'laioivn. that; several of tho rail? road companies will be in the market within 'the next six months'for sums of money rang'-'' : ing from £1,000,000 to £10,000,000; This capital is needed ...to. '.'jpmplete?.extensions".now under . way, ..terminals.: only ' partly finished 'for lack of funds, and for other objects which are considered actual .necessities.... Jook is, therefore, not very promising."""" -' '>

■ AUSTRALASIAN WOOL EXPORTS. v , The exports of wool from' Australasian ports for. the : , eons compare;-according :.to °Dalg<ity and "Co.,' : Ltd.;> as . follow:— ; " ; ; State.;";/®' 1907-8. 1906-7.* Iric'. Dec" , Bales., Bales." ■ Victoria ... ... 442,376 ' 481,391?. — 39,01t • N.S.- Wales. . -. 086,739 772,181 \ - '85,412 Queensland • 120,961 104,130 10,831 — South Australia ... 150,391 144,408 11,986 — *West - Australia...' 1 48,753 "„39,GC8- " : t > , .Tasmania'- ... 'v ... ,141,523 ; 13,615 908' — " Australian total -j ji; 1;46?,74fl ij555;396 53,810 124,400, , Now: Zealand■ ...;i ; 365,'073386,408; — ' 1,335 'Australasian: total 1,834,8191;921,804 38,810125,795 • Considerable quantities of'wool grown in one State " are•'shipped fr.om another. Therefore, the -abo.ve:.does .not show.' "actual, production, but'total;'oversea ,■ shipments. {Western Aus- . trali'an'figures" for-.Maroh estimated. ■There,* has thus;been . a',.Jalling-off of 86,985 ■ bales mslhe'.sWpments.!^

. NOTES. Tho Wellington Opera House' Company hat declared a dividend of 121 per cent. The Wellington Stock Exehango ,will 'observe from . Friday to' Tuesday, "both days inclusive, for, Easter, holidays. ~ , , v -, . ''Talisman Consolidated 1 shares change'd. hands yesterday ; at,.. 10s. -3d.;' as compared with .■62 12s. Gd. on tho previous' day. ; The financial year of New South Wales closes on June 30,.and, according, to.the Sydney '"Dailv,.Telegraph.", ihs surplus may be anything from £2,000,000: to. £2,500,000. . The value of the Mount Morgan gold and copper mine for March totalled JEBU.2OO, which is easily the record. The aggregate value of the output for the first quarter of the year amounts to . ,£1,221,920. - ' ■' There are in Osaka fifty glass bottle manufactories. This: branch of industry has made marked progress of late years. The value of tliq bottles, produced up till':-about 1897 amounted to not more than. ,£50,000. It has now been increased to about J!is0,000. The British South African Company is about to undertake a further extension of railway building. It is proposed: that tho .Cape to Cairo line, shall bo pushed on for 200 miles north of Broken Hill to a point on the border of the ■ Congo Free State, and thence along the whole series oi K-iuwa cnDDer mines to

WELLINGTON SHARE LIST,

Ruwa—a further distance of 250 miles within the Congo territory, thus linking up the R'' o_ desian';'system with the first/section of the Congo Katanga railways to the great benofit of,' the , company's-lines., ;

The rapid consumption of timber suitable for sleepers gives a little interest to a question now bemj discussed, in Germany—that of. substituting iron sleepors for, railway purposes. Greater ' safety' is obtained with the iron sleeper, and there is said to be,a saving in., the, upkeep. ;,.- Iron, : sleepers were used in Queensland,; maty years ■ ago'- on ; portions of the' Normanton ito Croydon .railway, that traversed boggy gi'ound. 'If iron sleepers should be. found; tovbe advantageous.,in the construction" of . portions; of .i future lines, in New South Wales, .the Littgow , industry might therefore' look for the manufacture of.irailway sleepers as a part of its.output. : ' .v\

Special meetings have been- held, in London of, the - Phoenix,.. the. Sun,; and the R-oyal • Exchange , Assurance,' Companies, to consider the introduction into' Parliament of a measuro to remove certain .'anomalies' in- the.. insurance i law.: Lord George Hamilton, who presided at' the meeting of the first-named company, held for this iHirpose, fully explained the difficulty under which the various .offices , laboured, under the existing law. It; lias-been held that an injured person could only recover compensa■tion awarded to him less any' amount by which ' ho'; was insured. «/This 3 did .not tend to entourage thrift, and ,it was proposed to introduce legislation to make compensation recoverable irrespective of any insurance policy that the injured person might hold,

TALISMAN CONSOLIDATED, LTD,

■ The' :Talismari s Consolidated, Ltd;, report for the-fortnight ending.March 7,,1908:— ;No. ilO .Level.—Stoping.: The. values,-' for the period from'the No. 1 Bonanza Block stopes average £1 -Osl 9d. , Those. from the No. 2 Bon.anfci;Block .avoragQ £2 43.- lOd. No. 11 Level—South Drive (East Vein): Advanced 44.-feet; total 1153 feet; reef wider than drive; assays/average. Bs. lOd. No. 14 .Wiiize;. This ; was.: started at. 860! feet south j progress, 15 'feet; reef than winze; average of assays, 4s. 9d. Stoning: The values from the. stopes north and south of No. 10 Rise (East • Vein) average £6" 155."- Id. The assays from the No. 2 Bonanza Block stopes (off No. 5 Rise) average .£1 7s. lid. The valuesUfromithe; leading stope north of No. 12 Winze average £4 'ss. Id. No. 12 Level—No 8 Winze: Sunk 8 feet; total, 23 feet; width of reef, 12 inches; average of. assays,. Bs.; connected. Stoping: The average of: assays from stope south of No. 7 Rise (East Vein) is £.2 lis. ,The leading stope soutk of No. 12 Rise has been advanced to a .point .180 feet south of starting place. Vilues for the period' average £1 13s, lOd. Tho assays from the No. 1 North -Block- stopes average;. .f4s'. Values , from the No. 2 Bonanza Block stopes' average : bCIG 19s. No. 13. Level—South Drive: Advanced 24 feetj'total, 422 feet;'width : of-reef, 5-1 inches; averago "of."assays; ;.',£22;ls. .The reef has split and from 401 feet the; drive has followed the foot wall vein.; The" hanging wall vein at 401 feet is 3 feet wideband between it iind the foot wall branch there is 2 feet of country.' ,

STOCK EXCHANGE. ! • . (BY TELEGHAFII. —PRESS ASSOCIATION.) I Dunedin, April 15. Stock Exchange sales:—New Roxburgh Jubilee, 65.; Rise and Shine, two parcels, 2Cs.; Rising": Sun, 285.jn,.5' t ' - J : •'■ '■ . . ,-LIVE. STOCK SALES. " Mr. H. E. Leighton roports:—At my Lower. Hntt ..stock ; sale on..Wednesday there was a fall 'catalogue yarded to a good attendanco ofvbuyers. I cleared consignments at very good prices.: A . horse, dray, and-harness mado JUS-, "brake Uibrses,:to ■ -harness 'horses, • from J!ls;. v ppnies,' il il3 v to £S'; flit, cows, £3 to £2,105. W jC2 175.; .Bpnnj;?rs;\.£2 -17&vto'£j$4; 10$; Heifers, il Bs.'6d. to £2 -155.; yeaJersj--iss./ t6';2os.';'...weaners, :20s. i"~alk)' r soldrpoultry'[,and pigs at satisfactory prices.. . . :.. .' • (FKOii'- ODE 'SPECIAL COREESPONDENT.I, ■ • ; j . Pahjatua,-April 14. .' At the stock sales -.held to-day there was a 1 good; yarding of both' cattle and sheep. Com-petitions-was not- as- keen as it might have been, .but, considering the condition of somo of the stock, and'the'.season of the year, prices may be' considered- fair. . Sheep—Two and 'four-tooth wethers" made from 12s. to. 14s. 2d.; two'-tooth ewes, 12sJ 9d.; full-mouthed' ewes, 4s. 9d. to 7s.;' fat"Sind forward. lambs, to 10s. 7d.; rape lambs,'7s. lid.; culls,. 2s. to-25.-'fid. to_■ three-year, steers in pood con'iflitioiii'.'; 68s;eighteen-months, 405.; springing lioifers, 80s. ; fat cows,' 60s. to 87s. 6d.; eirfpty cows, 25s.fat bullocks, to 1215.; bulls, 355., 40s.

' (BY TELEGIUTH.—PRESS ASSOCIATION.) April 15. -'At Aildirigforf 'live'" stock market to-day there was again a,, largo entry of stock, 'tboiigh< ncft .nearly-equal to,' the last two Iwecksj/',; $tqre f sheep':'; forming the bulk. ■ For ■tho better class of; store 6heep there was good demand. ;1 Fat lambs sold at last week's rates, and fat sheep, owing to a fairly largo entry, showed a sharp decline. Fat cattle were firmer in prico and fat pigs were dull of Bale. Storo cattle were in poor demand, but dairy cows met'with'a bettor inquiry. ' The yarding of store sheep was much below last week's record, and. was made up , chiefly of indifferent' quality. Ewes-formed the. bulk of the yarding, and, with tho exception of a few twotooths, they were mostly of. a poor class. Low conditioned, travel-stained ewes could only lie disposed of at lower, rates, but tho younger and better sorts met with a fair demand at late rates! Lambs sold firmly,, and good sorts showed at littlo improvement in values. There was' no change in the prico of wethers, •few good Borts being oil . offer. There was a fairly large entry .of late sheep .including some good lines of medium and heavy-weight wethers, but tho bulk was mado up of ewes. Tho bidding opened slack on account of the plentiful supply, arid <as butchers filled their requirements prices fell away considerably, and there was a drop of 2s. to 3s. in wethers, and a still further decline in ewes, tho light conditioned and aged sheep being t'no most difficult to sell. The export buyers operated in any lines of ewes that were, obtainable at prices within their limits, especially, towards

the colse of the sale. The range of prices was: Prime wethers, 18s. to 235.; extra, to 255. 6(1.; lighter, 14s. 3d. to 17s. Cd.; prime owes, 15s. fid. to JBs. 4d.; medium, 13s. to 155.; aged and" light, 9s. to 12s. Gd. The entry of fat lambs was not a large one, but the quality was better than last week, and chiefly on this account prices ruled .somewhat higher. The sale was started at nine o'clock in order to get the lambs away early to the factories in view of the closing down for the Easter holidays, and the arrangement met with general approval. Tegs sold at las.'Gil. to lCs. lOd.; ordinary free/.ers, 12s. to 155., and store conditioned lots 10s. to lis. Gd. There were 3GO head of fat eattlo penned, and there was a larger proportion of prime sorts than has been the rule at late 1 sales.' There was a steady demand throughout and prices were firmer. Best steer beef made 235. to 255. Gd.; medium, 18s. Gd. to 20s. Gd.; and cow and inferior IGs. to 18s. per 1001b. The range of prices was: Steers, ,£G 10s. to =£11. 12s. Gd.; two extra, to .£l3; heifers, .£5 to .£8 7s. Cd.; extra, ,£8 12s. fid.; and cows, £i 7s. Gd. to .£8; extra to ,£8 12s. Gd. Venl calves were entered in fairly large number, . and among them- vrere several good lines of suckers. Prices ranged from 4s. Gd. to £3 10s., according to size and quality. The entry of store cattle was of a poor class, and the demand was very weak, animals in poor condition being almost unsaleable. -Yearlings made 10s. to 255., according to condition; two-year steers, 40s. to 555.; two and a half to three-year steers in forward condition, 60s. to 705.; and dry cows, 15s. to 225. Gd. An ordinary yarding of dairy cows of average quality F> n t w ; .'h n-> improved demand, and sold at prices ranging from £3 10s. to ,£B. There was a small jai'u-' ing of pigs, and fats were slow of sale at late rates. Choppers sold at .£3 to M 10s.; baconers, 455. to 555., and heavy to Gss. (equal to sd. per lb,); porkers, 355. to -13s. (equal to SJ-d.); medium stores, 225. to ,255.; small, IGs. to 215.; and weaners, Bs. to 12s.

(BT TELEGRAPH.—-FRESS ASSOCIATION.) Dunkdix, April 15. At Burnside stock market 3047 sheep were penned,, a heavy yarding ■ of poor quality. Prices declined about 2s. per head for ewes, and Is. for wethers. Prime heavy wethers were about equal to last week.. Best wethers, 19s. to 21s.'; extra, 225. to, 235. Gd.; medium, 6s. to 17s. fid.; inferior, 14s. to 155.; best ewes, lis. to IGs.; extra, to 17s. Gd.; medium, 12s. to 12s. .3d.; inferior, 9s. to 10s. Gd. Lambs: 1257 penned of good quality. _ Prices wcr3 about' as last week. Best lambs, IGs. 3d. to 17s. fid.; medium to goodJMs. to 15s. 9d. Pigs: 130 yarded, a good entry, .and for baconcrs,, which were in .large supply, prices .were- a shade easier. Small pigs were also cheaper, but porkers wero slightly firmer than last week. Suckers, from 10s. fid. to 13s. 6d.; slips, Us. Gd.'to 18s.; stores,' 19s. to 255.; porkers, 31s. to 425.; light bacor.ors, 455. to 505.; heavy baconers, 525. Gd. to • G3s. Fat cattle: About 200. yarded, mostly inferior quality. Prices for good; cattle were firmer, and. for medium and inferior easier. Best bullocks, <£0 10s. to XlO 10s.; medium, £& to J69; inferior. £5 10s. to i£6 155.; best cows and heifers, £6 10s. to .£7.105.; extra,. <£8 7s. Gd.; medium, £5 to .£5 155.; inferior, $3 15s. to £1. 'ss.

PROPERTY SALE. The Mutual Trading Co. report there was a large attendance at their sale held at Greytown yesterday., ■ The Pnriikau block of 170 acres was sold, after keen competition, to Mr. D. P. Loasby, as agent, at ,£34 10s. per acre.. The remaining properties were unsold, the l>est offers being as follow:—Goodwill. College Reserve lease, .£200; West Street allotment, with house, ,£225;' Kuratawhiti Street allotment,' with house, '.£177. - . , GRAIN MARKET. ' fBT TELEGRAPH—MESS ASSOCIATION.) Dunedtn, April 15. > The wheat market,_ in sympathy ivith London, is quiet. Offerings are not heavy, and buyers and holders' ideas of values in most instances do not correspond. Prime milline, 4s. GJ-d. to 4s. 7d.; medium to good, 4s. sd. to 4s. Gd.; whole fowl wheat", 4s. 4d. to 4s. fid.; broken and damaged, 3s. Gd. to 4s. 2d.: sricks extra. Offerings of oats .are heavier, and there still good demand for exoortl Lntest sales show a- slight advance in last Week's quotations. Prime milling, up to 2s. 5d.; good to best feed, 2s. 3Jd. to 2s. 4Jd.; inferior and medium, 25.. 2d. to 2s. 3Jd., ex storo, l sacks extra. . \. / AUSTRALIAN PRODUCE MARKETS.' ' BY, TELEGRAPH —PBESS ASSOCIATION —COPYRIGHI ' Sydney, April 15. Wheat, 4s. sjd. to 4s. Gd.; flour, i; 10; oats, 3s. 2d. to 3s. , 3d. ; • barley; Capo (nominal),; 4s. 4d.; maize,. 4s. Gd.; bran, £7;- pollard, £7 10s.; potatoes, 'Circular Heads, M 15s. to £5; onions; Victorian, ;£6; butter,'9os. to 98s.j cheese, 6Jd. ( to BJd.; bacon, 9d. to Hid-

Melbourne, April 15. Wheat, 4s. 3id.; flour, £10; oats, Algerian ,3s. 3d.', _ seeding 3s. 6d.;. barley; Capo malting, 45.; maize, 4s. 7d. to 4s. 9d.; bran and pollard, Is. Gd.; potatoes, £3 10s. to £i 10s.; onions, £5 ss.

/VAdelaide, April 15. Wlieat, 4s. 2d. (asked); flour, £8' 155.; bran and pollard, Is. sd.

V-':' a* iiaMt-' , . ' PBTf!K«. , • yw* . '• C05IPAXY. . Buyer. >.» UW ' --MAWO • • : i. ' i ' £■ * X' • £ ' £ B. d. £ B. d. 8. a. fF.fl/ >..; .BANKS. ■•■•■■■£ . cei ct-j Ti • - r? • * •• oi.j'O' '•■ Oli 0 D12-0 3 0* S !8ni! . • W -eato:- ■■■«: 1 15 : c 'stt disc ,-ii?s ; t7S ■'• '• J*ew Zealand . • *£0,003 ■ ' .71011 1 , 30 n .(• n 17 6 Couth British . 300,000-.. 4 K'^ ; . -.5 ■ ■ . ,;M 210 0 S 1 ! ® ;, Standard - . • '<0.003 K,3Sj * ™ltf. JO 1J0 ;' ; ''Eqni™6BSutas' > !. CO.OOO. ' ! .• <>' .10' 'v" : , 10 2 6 10 0 0 r p r "..'Metropolitan Building • 4#,i6t--. . 5'™- -.' J 9 m ,' ' . . . 012 3 pji 0 m ' .'.Wellington Invest.. - ' 60,005' 'M| ■ * ' * ■ "6 10 G ' ) 0 r7 0 Wel'etonTrustcfcLoan • 101,2K) .iimm J s ,n <! 0 0 3 'J 0 !1 I fjs 4 : National Mort2aso>'.:. £00,OX: MS • ? ?. .» ; ® ® » • f,i 2 Jug < 8'1 ." :K.Z. and River Plato -. SOO.OOO ; 1 ml. 7 . .J" » J J j S ?-i X J go .. .loan and Mercantile,- 135, ill " «>W» i U D. " 5 1 ■I -5-1 15 0 10 0 a S, S:| J Si '£ . 102 c »oo n« «• :•»#.: 1 ?: i 1" « •-». »• *». r . Hawcra . .8,253 c ,-q • ■ jj * JJJ. 1M( V - - . • . . . ; 43,037J , 58,183 , • & 5 15 , . •• | •: | | s? *»t •. ■ — • - 2 tut till- s . E 0 "• 61 0 .' V.Ulir.acnlloatE.p j f , — J. ; : I ■ ' rl 0 6 5 0 f 5 « vVi IOa '""| . • is. 2j ii .in i 5 0 (.3.3 : . VcnKanni . .<5350 11,401 .. ' 6 -ua...- ... b : J' Jr 1 2 6 6 2 30 0 •; j.T 0 8 0 C •■■ MZ.Sbippinj - <73,3U . .}"•"}• ' ' ■ .. J,' ..j• • ,..5" ® ImoxiSleans - - EOO.'aJ ■ . 1 mu. . . 75 113 .9 : .1H6 ■ Y : V j;tn. Steam Forry '■■• - --46,23 .-■ V; .- __ 1U .. ,, ■, . • rcst P o^ - y wm'" '-'a""- ' : tf "mi eis 'p: ' i ii t 0 0 ,50' '.-r-.-aduiiiri ■ 'U.WJ .1 • u.u • S3. 10 6, 1 0 9 1 0 3 7 8 0 ■ . 100 OOJ E2.S51 .5 nil . G ' ' ..fctfV ; to li 1 ? 0 o. s 3 e 310 412; I: .Veniston ' X t> 3 il ti! 3.3 0 SOI 6 00 ■V: •- '-.IlSCBijtiAXEOUJ: . .•• •„•, ' - ' - r „ ; • JLonayhy itopo' " * <7,031 •/ .£ 0 0 6 5 0 „ « _ '' l.eylandd:0'Bri3!-' . E5.0JJ . ; .■■■&; ' 9jfi, ,.8..3. 0 i 3 0 6 1< 2. l.'auriceviiloljiiaj . • 7.0JJ: , v •. - 1 .- • ■ s ': L \ I •• •' i-';i.'Erass e - . I - siolooj ' £ Pv. ■ ' . . 2ii o 2110. ' rii .o F.S o ;>.2..raper.llill3 ' : W.753 . t ' ■ '' 1: J -" 5- ? ,?' 1 3 3 1 11 tV 1.imninii&Cj. - ' fc.OOJ * •*.. 10 . 313 6 _ .. 'S.ard & Co. : to,UX) . ' ' f-. U . 415 0 i 17 0 115 0 8 8 6 V. /.iii. Opera Hoj t> - . ls',!:3J ' 1,I0J | * ®!, • * • • :; • V(ilu. Freiihl'00.1... ti.iSl ■ 7 . H V V/LilcoiBte&Toiubs' '4b.ii5J •. ( l U*l .18 4 8 0'. - tiiii-iina, \ ' "•* . 013 6 1 0 0 C18 9 I 0 0